KONTAN.CO.ID - LONDON. Oil hit an 11-month high just below $57 a barrel on Tuesday as tighter supply and expectations of a drop in U.S. inventories offset concerns over rising coronavirus cases globally. Saudi Arabia plans to cut output by an extra 1 million barrels per day (bpd) in February and March to stop inventories from building up. The latest U.S. supply reports are expected to show crude stocks fell for a fifth straight week. Brent crude was 79 cents, or 1.4%, higher at $56.45 a barrel by 1304 GMT and earlier hit $56.75, the highest since last February. U.S. West Texas Intermediate (WTI) gained 89 cents, or 1.7%, to $53.14.
Oil hits 11-month high just below $57 as Saudi cut supports
KONTAN.CO.ID - LONDON. Oil hit an 11-month high just below $57 a barrel on Tuesday as tighter supply and expectations of a drop in U.S. inventories offset concerns over rising coronavirus cases globally. Saudi Arabia plans to cut output by an extra 1 million barrels per day (bpd) in February and March to stop inventories from building up. The latest U.S. supply reports are expected to show crude stocks fell for a fifth straight week. Brent crude was 79 cents, or 1.4%, higher at $56.45 a barrel by 1304 GMT and earlier hit $56.75, the highest since last February. U.S. West Texas Intermediate (WTI) gained 89 cents, or 1.7%, to $53.14.